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Is it wrong to spend your kids’ inheritance?

It’s the age-old inheritance debate. Should you spend your hard earned cash enjoying your golden years or is it your duty to leave a nest egg for the next generation?

Even if you’d like to spend your retirement having the time of your life, there’s increasing pressure to conserve your cash to leave your children a bit more than keepsakes when you’ve gone.

SunLife’s recent research into household income and spending in the UK  revealed that 1 in 6 adults are banking on an inheritance to help them financially, with 1 in 10 going so far as to say that their parents are blowing far too much of their inheritance.

So should you be spending your life savings doing all the things you enjoy? The new generation of SKI-ers (that’s Spending the Kids Inheritance) certainly think so. Retirees are more active than ever before and are using their financial freedom and lack of ties to travel and pursue their hobbies.

Or, do you feel a little more sympathetically towards your children? Whilst you may have reaped the benefits of a free education and a final salary pension, your children may well be weighed down by the burden of student debt and ever rising house prices.

Tell us where you stand. Take part in the Great British Inheritance debate today.

Source: Research conducted by Charterhouse Research April 2015, commissioned by SunLife.

Is it wrong to spend your kids’ inheritance?

572 people have already voted, what's your opinion? Yes No

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LindaM2
25th Sep 2015
1
Thanks for voting!
My accessable cash is mine to spend how i want. My children will each get half of whatever house i live in as have already made provision for this. When my husband died his share of the house was put in their names with the proviso i would continue to be able to sell and live in whatever house i chose until my death or go into a care home. That is their inheritance.
Trampas1955
19th Sep 2015
2
Thanks for voting!
What inheritance? They shouldn't expect anything.
fionagoggs67
14th Sep 2015
1
Thanks for voting!
I suppose we/ should try to save something but it is so so difficult. I personally exist on the State pension plus income support. they will have what is left of my house proceeds but that will be it.
I have taken out a funeral plan so they can sort me on death(hopefully)
So there we are...Yes and No to saving for our offspring... thankyou
Doggyvonne
9th Sep 2015
1
Thanks for voting!
Most of us want to know our kids will be OK when we die, but I am not sure they will leave any for their kids..they spend too much on everyday living
poldoc
3rd Sep 2015
3
Thanks for voting!
It appears that most of my spending, ostensibly on myself will benefit my kids as and when....at least that's what I keep telling myself! Did I do 2 full time jobs for 25 plus years to amass a fortune to leave to my progeny......NAH!!
mercury
31st Aug 2015
1
Thanks for voting!
How can it be wrong to spend your own hard earned cash rather than leave it for your children? They don't have a right to your money.
alan6
28th Aug 2015
3
Thanks for voting!
You made you spend it
GrannyJack
28th Aug 2015
2
Thanks for voting!
We started off life with nothing and worked hard, saved and now have a good retirement, why shouldn't we spend it - we earned it!
bigal4u
28th Aug 2015
2
Thanks for voting!
Does not apply, no cash, no inheritance!!
jillypoo
27th Aug 2015
2
Thanks for voting!
My father had a stroke when he was 64 and spent the next 19 years unable to do things for himself. When he passed he left money to my sister and myself. How I wish he was still with me spending the money that he had worked hard to save for his retirement.
lizfid3
26th Aug 2015
3
Thanks for voting!
I have worked hard all my life and brought 4 children up on my own. My children are all now much better off than I ever was or ever will be so they would be horrified if they thought I was depriving myself to leave them an inheritance. They can share out the lefftovers from my insurance policy. I'm sure that, after excessive funeral costs, they might manage a trip to KFC or McDonalds! I've saved them some expense though, I have instructed them to scatter my ashes as I do not want to be buried so they have no plot or headstone to pay for.
daydreams
25th Aug 2015
4
Thanks for voting!
Our children have nothing to do with us any more so definitely not leaving them a penny. If there's anything left after being cared for in our dotage, it is going to three or four charities, one of them a local hospice.
Pete H
25th Aug 2015
5
Thanks for voting!
Life is for living so I say make the most of it and enjoy it to the full while it lasts. If there is anything left for the children that's great but I wouldn't let that affect what we spend our money on today!
veraworm
24th Aug 2015
4
Thanks for voting!
they will have the house, and possibly a car. we have given to the children whilst we are alive and can see them enjoy it. our children have told us to enjoy our life.
Laura11
24th Aug 2015
4
Thanks for voting!
The house is all our heirs will get, any money that we haven't spent on enjoying ourselves and living and keeping well will go to named charities. We have no children of our own between us, my stepdaughter hasn't bothered with her father or me for years, the heirs are nieces and nephews who all have other, closer relatives to inherit from too, so why not spend it. Be the same if we had one or six children of our own.
little owl
22nd Aug 2015
5
Thanks for voting!
From birth we did everything we could for our son including doing without so he could go to private school which ave him a wonderful start. He then joined the Navy and we again supported him through his 5 years training and at the same time bought his first car and his first little boat. If all parents do there best while there children are growing up it is then up to the children to work hard for their future.
This doesn't mean I wouldn't like to leave some money (for instance the house which he could sell) for him but I don't feel guilty enjoying myself with the little I have. With virtually no interest pensions and savings don't go far.
Mrsdof
22nd Aug 2015
5
Thanks for voting!
It is NOT their inheritance! It is our money that we have worked extremely hard for and luckily my kids agree with me. We are about to downsize and they will have an even smaller house to inherit but they are very happy with that. The extra money we make will be spent enjoying ourselves for however long we have left and this is how it should be. We will be leaving them with our love, good jobs, a good sense of self worth and the knowledge that anything they have they have worked for themselves.
susie55
22nd Aug 2015
4
Thanks for voting!
Why shouldn't people with money spend it on themselves. I don't have any but if I did I'd have a good time enjoying myself . The children haven't worked or earned it so what right do they have in expecting people to sit on a nest egg for them to enjoy?
Suzai
22nd Aug 2015
3
Thanks for voting!
Well fancy seeing your parents as a money bank! Good heavens when is an individual to be an independent valuable human being? We're not here to build an inheritance for our children if we have money or assets when we die well very nice that's a bonus. What pressure to put upon a person to think of all the hard work and achievement in life is for someone else to enjoy even if they be your own children. Enjoy your life and if your kids have anything to inherit let that be love and affection and support whilst you are alive the know how to do things for them self to make a living and be happy. Money can't buy that.
JohnHerb
21st Aug 2015
4
Thanks for voting!
Not wrong to spend it all all! I have had nothing given to me-worked hard and we have built everything ourselves. Don't want to make the kids soft and work-shy buy giving them all our hard earned money and anyway we have no spare cash so its an easy decision!!!
Wilf
21st Aug 2015
3
Thanks for voting!
I agree with Amateureye below most of our kids will probably not get a lot as people are living a lot longer the care homes take up all the money. My mother-in-law has been in a home for about 9 years and its like burning cash. She will probably live quite a few more years and all the monies form her house sale and savings will have gone. I think this is happening to a whole generation. Probably time to go and buy shares in care homes!!!!
Amateureye
21st Aug 2015
3
Thanks for voting!
The chances of your children having any inheritance from you are now greatly reduced because of the cost of looking after yourself in old age. If you own property then the government take this into consideration and make you use the money from your home to look after yourself, this happened to me personally when my father had a stroke and lay in a nursing home bed for nine years. Because he had property we had to sell his home and fund his care. Don't get me wrong as far as I'm concerned I don't really care about the money, and I made sure he was comfortable until the day he died. But when you consider if he had just rented a home he would have been looked after for free, but he always thought the money from the property would go to his children to give them a helping hand in life.

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